How to Fill Out a Schedule C Tax Form?

If you are a regular employee, you will receive a W2 form that states you need to know. Then you will fill the 1040 form and file them. But when you are self-employed and receive Form 1099 as a contract employee, you need to include the IRS Schedule C form along with your personal tax filing. Schedule C is also called “Profit or Loss from a Business”. Understand the form better, so that you can report your...

Use the Right Filing Status to Benefit Student Loan Payments

Taxpayers who recompense their student loan using ICR, IBR or PAYE repayment plan must be a little more cautious while filing their tax returns. Because the filing status of the tax returns you chose will affect your repayment plan. Benefits Student Loan Payments When the taxpayers are married, they must decide whether to file the tax return along with their spouse using the status “married filing jointly” or just to keep the income separate by filing “married...

Federal Form 1040 Schedule C Instructions

The Form 1040 Schedule C is used to report the income or loss from the business that you operate or practiced as a sole proprietor. This article specifies the Federal Form 1040 Schedule C instructions. Federal Form 1040 Schedule C Instructions Filers of Form 1041, do not complete the block labeled “Social Security Number (SSN)”. Instead, you need to enter the Employer Identification Number (EIN) provided to the trust or estate. Define the business, that provided the...

Need to Know How Getting Married Affects Your Taxes – Etax1040s

If you are getting married, you need to know about the taxes too as knowing the tax consequences of marriage is important. In this article, we can check a few of the basic tax considerations for the newly married couples. Change Name and Address : If you filing your income tax return, the name and Social Security Number on the form must match with the records at the Social Security Administration (SSA). When you change your name...

Understanding about Different Types of Individual Income Tax Returns

There are different types of Federal individual income tax returns. It is the responsibility of the taxpayer to use the appropriate tax form that corresponds to the particular situation and permits to claim the income, tax credits and tax deductions. Federal income tax is due by 15th April, unless the taxpayer applies for a tax extension. Common types of individual income tax returns  IRS Form 1040 (U.S. Individual Income Tax Return) IRS Form 1040A (U.S. Individual Income...

Federal Tax Forms for 2018 IRS Tax Season

Is this tax year similar to the Tax Season? A tax year is the year that the tax payer is filing the tax return. But the tax season is the time that the tax payer is filing the return. The tax payer can prepare and e-file their 2017 tax return in this 2018 tax season. When you are e-filing your returns, you no need to download any tax forms, answer the questions to select the appropriate forms...

How to Report Form 1040 Taxable Refunds?

Receiving a tax refund is always a pleasure as you can do little more with the extra money. But tax refund may not be possible for all the tax payers. The IRS states that few state tax refunds are also taxable income. You need to report that taxes on the tax return form on 10th line of Form 1040 the following year. Whether the received Refund is Taxable? The tax payer need to report the state income...

Tax Time: When Married Filing Separately Will Save Your Taxes?

The IRS considers the married taxpayers, whether they are married legally under the state law, live together under state recognized law marriage or they are separated but have no separate maintenance or final divorce as of the end of the tax year. Filing the tax separately after marriage is increased, where the partners reported individual income and their individual expenses on their tax returns. They need to accept either itemizing the expenses or to use the standard...

Tips for Preparing IRS Tax Form 1040-EZ for 2018 Year

IRS Form 1040EZ is a Federal Income Tax Form, used to report filing status individual/ married jointly with no dependents to the IRS. 1040EZ Form is the right tax form, whose is not having kids, dependents, home, or didn’t attend college during the year. Filing Form 1040EZ is very easy and less complexity compared with Form 1040 and 1040A.